The principal lender provided the loan, at a gross facility of £378,570, secured on a plot of land in Essex with planning permission. The deal was brokered by Sunny Panwar of Kind Commercial.

Avamore stepped in to help after the borrower was let down by another lender in the final stages and was on the brink of losing both the site and the deposit. 

After the initial enquiry on Friday 25th November, Avamore sent out a preliminary offer within the hour which was agreed and returned by the borrowers on the same day.

Two days later, Avamore’s principals met with the borrowers at the site to view the area and agree on both the deal and the development finance to follow. 

By Monday, the legal cost undertaking was paid and the funds were sent to the borrower’s solicitors on the Wednesday.

Zuhair Mirza, principal at Avamore, said the company was delighted to have closed the transaction.

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“We were happy to visit the site on a Sunday, in order to make sure the borrower was in a position to complete on the purchase after being let down by another lender. 

“Just as important was delivering for the introducing broker – brokers are the lifeblood of our industry and we prioritise delivering for them by going the extra mile.” 

Nikolay Petkov, principal at Avamore, added that the lender’s focus was its relationships with brokers and borrowers and ensuring that it delivered for them.

“We will now focus on supporting our borrower for the remainder of the project and ensuring we achieve our overall lending targets for the year. 

“November was our best month to date for new enquiries finishing with over £215m in new enquiries. 

“We continue to have a very strong appetite for new deals and look forward to speaking to borrowers and brokers who are seeking bridging and/or development finance.”